After submitting your request, you will receive an activation email to the requested email address. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our management. The Insurance segment's current accident year losses and loss adjustment expenses in 2022 included $46.2million and $23.0 million of net losses and loss adjustment expenses attributed to Hurricane Ian and the Russia-Ukraine conflict, respectively. Our consolidated underwriting results also include results from discontinued lines of business and the retained portion of our program services operations. Additionally, interest income on our fixed maturity securities increased in 2022, primarily attributable to higher average holdings of fixed maturity securities, partially offset by a lower yield during 2022 compared to 2021. At Markel Corp., we promise to treat your data with respect and will not share your information with any third party. Nephila's net assets under management were $7.2 billion as of December31, 2022. You can sign up for additional alert options at any time. In 2022, underwriting results included $46.2million of net losses and loss adjustment expenses attributed to Hurricane Ian, which included a $23.8 million reduction from our initial estimate recorded for the quarter ended September 30, 2022 based on reported claims activity and updated output from our catastrophe models. Markel's 2022 Letter to Shareholders "Our culture is based on the idea that our customers, associates, and shareholders all win because of what we do and how we do it," writes CEO, Tom Gayner. Amortization expense - As we grow through acquisitions, our intangible assets grow. Because EBITDA excludes interest, income taxes, depreciation and amortization, it provides an indicator of economic performance that is useful to both management and investors in evaluating our Markel Ventures businesses as it is not affected by levels of debt, interest rates, effective tax rates or levels of depreciation or amortization resulting from purchase accounting. You can revoke or adjust your selection at any time under Settings. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Was h i n gton , D .C . If you experience any issues with this process, please contact us for further assistance. "Markel Ventures produced another record-setting year for revenues, operating income, andEBITDA as our businesses adapt to an ever-changing economic landscape. Operating losses in 2022 were driven by costs incurred by Volante in connection with its launch of a Lloyd's syndicate prior to disposition. Washington, DC: The World Bank Group and the International Monetary Fund (IMF) today announced, in consultation with the Kingdom of Morocco, that the planned World Bank Group-IMF Annual Meetings that were scheduled to take place in Marrakesh, Morocco, in October 2022 will now take place in Washington D.C. due to continuing uncertainty over the Caroline Markel Hammond Expand search. The following table presents summary data for our consolidated underwriting operations, which are comprised predominantly of our Insurance and Reinsurance segments. You can sign up for additional alert options at any time. Change in net unrealized gains (losses) on available-for-sale investments, net of taxes: Net holding gains (losses) arising during the period, Reclassification adjustments for net gains (losses) included in net income (loss), Change in net unrealized gains (losses) on available-for-sale investments, net of taxes, Change in foreign currency translation adjustments, net of taxes, Change in net actuarial pension loss, net of taxes, Comprehensive income attributable to noncontrolling interests, Comprehensive Income (Loss) to Shareholders, Total investments, cash and cash equivalents and restricted cash and cash equivalents, Unpaid losses and loss adjustment expenses, Components of Consolidated Operating Income. Our estimate for ultimate net losses attributed to the Russia-Ukraine conflict is consistent with our initial estimate recorded for the quarter ended March 31, 2022. Log in to access admitted lines for workers compensation, business owners, miscellaneous errors and omissions, accident medical, general liability, commercial property, farm property, and equine mortality. The increase in net retention was driven by changes in mix of business. Additional factors that could cause actual results to differ from those predicted are set forth under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in our 2021 Annual Report on Form 10-K, or our most recent Quarterly Report on Form 10-Q, or are included in the items listed below: Results from our underwriting, investing, Markel Ventures and other operations have been and will continue to be potentially materially affected by these factors. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Here you can information on the Markel Annual General Meeting 2021 in Richmond, Virginia. The Reinsurance segment's 2022 combined ratio included $26.1million of favorable development on prior accident years loss reserves, which was primarily attributable to favorable development within our property product lines related to natural catastrophes and our credit and surety product lines. Contact a member of the Investor Relations team. In 2021, the combined ratio included $19.9 million of adverse development on prior accident years loss reserves, which was primarily attributable to net adverse development on natural catastrophes and COVID-19 within our property product lines, as well as additional exposures recognized on prior accident years related to net favorable premium adjustments on our professional liability product lines. US Navy. After submitting your request, you will receive an activation email to the requested email address. The event gives shareholders,. We use cookies and other technologies on our website. Markel Law is going from strength to . There are only 10 of the 480 new apartment units available as of press. We use cookies and other technologies on our website. By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events or other changes. These increases were partially offset by the impact of lower operating margins at one of our consumer and building products businesses in 2022 compared to 2021. Amortization of acquired intangible assets for the five-year period ended December 31, 2022 totaled $763.2 million. You can find more information about the use of your data in our privacy policy. We believe these adjusted measures, which are non-GAAP measures, provide financial statement users with a better understanding of the significant factors that comprise our underwriting results and how management evaluates underwriting performance. at Richmond Raceway, 900 E. Laburnum Avenue, Richmond, Virginia on Wednesday, . Markel Ventures EBITDA is a non-GAAP financial measure. ET. By providing your email address below, you are providing consent to Markel Corp. to send you the requested Investor Email Alert updates. Income per Common Share, Adjustment of redeemable noncontrolling interests, Adjusted net income (loss) to common shareholders, Dilutive potential common shares from restricted stock units and restricted stock (1), Diluted net income (loss) per common share (1). The point impact of catastrophes, the Russia-Ukraine conflict and COVID-19 is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums. Jobs People Learning Dismiss Dismiss. You must click the activation link in order to complete your subscription. RICHMOND, Va., Feb. 1, 2023 /PRNewswire/ -- Markel Corporation (NYSE: MKL) today reported its financial results for the year ended December 31, 2022. Net investment losses in 2022 reflected a decrease in the fair value of our equity portfolio resulting from unfavorable market value movements. You must click the activation link in order to complete your subscription. About Markel CorporationMarkel Corporation is a diverse financial holding company serving a variety of niche markets. If you experience any issues with this process, please contact us for further assistance. Louisville Game Notes. Markel Corporation has announced a change in location for its 2020 annual shareholder meeting. Hide Cookie Information. at the Richmond Raceway, 900 E. Laburnum Avenue . The following is a list of awards and recipients. The increase in operating revenues in 2022 was driven by the contribution from Metromont, which was acquired in December 2021, as well as an increased contribution from Buckner, which was acquired in August 2021. Financial Reporting Manager. The call may also be accessed by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. Accept all Log in to access non-admitted lines for contract binding property & casualty, excess, and commercial pollution liability. View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-announces-expanded-events-for-2022-shareholders-meeting-301530366.html, Chelsea Rarrick, +1.804.965.1618, Chelsea.Rarrick@Markel.com, Teri Gendron named Chief Financial Officer of Markel Corporation, Markel announces conference call date and time, Markel insurance embraces building braver cultures at Dive In Festival 2022, Markel reaffirms commitment to the renewable energy market, Markel insurance encourages active allyship at Dive In Festival 2021, Markel Corporation. The point impact of catastrophes does not include the favorable impact of assumed reinstatement premiums associated with the 2021 Catastrophes of $21.7 million for the year ended December 31, 2021. Generates statistical data on how the visitor uses the website. In addition to the formal meeting, the company will host a series of panel discussions in the morning, including a C-Suite conversation with executives from Markel Ventures and other organizations, starting at 8:30 a.m. 13 Virginia (22-6) is tied for second in the ACC at 14-5, while Louisville (4-26) is . Tallahassee Democrat After nearly eight hours of deliberation, jurors found Katherine Magbanua guilty of the July 2014 murder of Florida State law professor Dan Markel. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. May 2021 Time: 14:00 - 17:00 Event Category: Annual meetings for Investors Website: https://www.markel.com/investor-relations Organizer Markel Corp Email: View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-reports-2022-financial-results-301736676.html, Contact a member of the Investor Relations team. Markel. 11:45 a.m.-1:00 p. m. Presidential Select Symposium 1:15 p.m.-2:30 p.m. AACR Annual Business Meeting of Members 12:30 p.m.-2:00 p.m. Major Symposia and Advances Sessions 12:30 p.m.-2:00 p.m. Special Sessions 1:30 p.m.-5:00 p.m. Poster Session 2:30 p.m.-4:30 p.m. Special Sessions 2:30 p.m.-4:30 p.m. Minisymposia Shareholders Meeting 2022 Over 1,000 people came to Richmond, Virginia for Markel's annual shareholder meeting, where business leaders Tom Gayner, Richie Whitt, and Jeremy Noble talked about the business and fielded questions from attendees. Excluding these losses from the respective periods, the current accident year loss ratio in 2022 was consistent with 2021. Markel (MKL 0.70%) Q4 2022 Earnings Call Feb 02, 2023, 9:30 a.m. ET. May 2022 @ 10:00 - 12:30. Contents: . The components of our consolidated and segment combined ratios, including the non-GAAP measures discussed above, are included in "Underwriting Results". Markel Corporation - 2021 Annual Report & Form 10-K Markel Corporation - Notice and Proxy Statement for 2022 Annual Meeting Markel Corporation - Notice of Internet Availability of Proxy Materials for 2022 Annual Meeting Markel Corporation - Proxy Card for 2022 Annual Meeting View printer-friendly version. RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! 19 Dec 2012 Markel Bags a Whale. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. We attempted to mitigate the impact of these cost increases through a variety of actions, such as increasing the prices of our products and services, pre-purchasing materials, locking in prices in advance or utilizing alternative sources of materials. The modest decrease in gross premium volume in our Reinsurance segment in 2022 was primarily attributable to non-renewals within our property product lines and the non-renewal of a large treaty within our workers' compensation product line, largely offset by the impact of new business, primarily within our general liability and professional liability product lines, and more favorable premium adjustments within our credit and surety product lines. The change in net unrealized gains (losses) on available-for-sale investments in 2022 and 2021 was attributable to decreases in the fair value of our fixed maturity investment portfolio as a result of increases in interest rates during 2022 and 2021. RICHMOND, Va., Dec. 13, 2022 /PRNewswire/ -- The Markel Corporation (NYSE: MKL) announced today that it will hold its 2023 shareholders meeting at the University of Richmond Robins Center Arena at . Reinstatement premiums were not significant for the year ended December 31, 2022. Stay Updated . 17 min read. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. View the abstracts, videos, slides and posters presented at the Annual Meeting. The 2022 ASCO Annual Meeting is funded through Conquer Cancer, the ASCO Foundation by these sponsorship donors. Friday, Jan. 7, 2022 10:00 AM - 12:00 PM (EST) Hosted By: American Economic Association & Committee on the Status of Minority Groups in the Economics Profession. Preferred lodging rate for shareholders of $129/night provided by Even Hotel, 2220 Farnam Street . Since our acquisition of Nephila in 2018, we experienced significant growth in the Velocity and Volante managing general agent operations. Net retention of gross premium volume for our underwriting operations was 83% in 2022 compared to 84% in 2021. When expanded it provides a list of search options that will switch the search inputs to match the current selection. must complete a minimum of 120 credits, achieve a cumulative grade point average of 3.0 or higher, satisfy the College's residency requirements, and complete the General Education Requirements of the College. Comprehensive income (loss) to shareholders, Diluted net income (loss) per common share. Inland Marine Underwriters Association 14 Wall Street, Floor 8 New York, NY 10005 Phone: (212) 233 - 0550 You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The Markel Omaha Brunch 2022 is taking place again. Amazon.com Annual 25/05/22 Resolution(s): 13 We supported a shareholder proposal on freedom of association. Richmond, VA, February 2, 2022 --- Markel Corporation (NYSE: MKL) today reported its financial results for the year ended December 31, 2021. Operating cash flows totaled $2.7 billion in 2022, up 19% over 2021, reflecting strong cash inflows from our underwriting operations given the growth in premium volume in recent periods. Replay October 10, 2022 Addressing Multiple Crises in an Era of Volatility Replay October 11, 2022 May 1, 2022 10:00 AM ET A Markel tradition dating back to 1991, the "Markel Omaha Brunch" is a fun gathering of Markel stakeholders and investment professionals, and includes a question-and-answer session with business leaders Tom Gayner, Richie Whitt, and Michael Heaton. Change in net unrealized gains (losses) on available-for-sale investments (1), Taxable equivalent total investment return (3). RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! See Supplemental Financial Information for additional information regarding these non-GAAP financial measures. You can sign up for additional alert options at any time. The Company's principal business markets and underwrites specialty insurance products. The decrease in favorable development was primarily due to adverse development on our general liability and professional liability product lines in 2022 compared to favorable development in 2021. Current accident year loss ratio catastrophe impact (2), Current accident year loss ratio Russia-Ukraine conflict impact (2), Prior accident years loss ratio COVID-19 impact (2), Current accident year loss ratio, excluding catastrophes and Russia-Ukraine conflict (3), Combined ratio, excluding current year catastrophes, Russia-Ukraine conflict and COVID-19 (3). IP addresses), for example for personalized ads and content or ad and content measurement. The decrease in operating revenues and operating expenses in our Nephila insurance-linked securities operations in 2022 was primarily due to the disposition of our Velocity and Volante managing general agent operations during the year. Substantially all of our net investment losses in 2022 were unrealized. The combined contribution to the increase in operating revenues in 2022 attributable to these acquisitions was $604.6 million. Markel Co-Chief Executive Officer Tom Gayner added: "Over the years, we've seen firsthand the power of the serendipitous moments that can happen when a group of smart people with shared values gets together. Annual meetings for Investors, Value Investing Conferences Website: https://www.markel.com/markel-corporation/for-investors Organizer Markel Corporation Email: ir@markel.com View Organizer Website Venue Omaha Marriott Downtown 222 North 10th Street Omaha, 68102 United States + Google Map View Venue Website Saves the visitors preferences selected in the Cookie Box of Borlabs Cookie. However, high labor costs continue to impact our businesses and there can be a time lag before the impacts of changes are reflected in our margins. Comprehensive loss to shareholders in 2022 resulted from net investment losses and unrealized losses on our fixed maturity portfolio, which more than offset operating income from our insurance and Markel Ventures operations. We consolidate the results of our Markel Ventures subsidiaries on a one-month lag. At Markel Corp., we promise to treat your data with respect and will not share your information with any third party. The fair value of our bond portfolio included cumulative pre-tax unrealized losses of $949.1 million as of December 31, 2022 compared to cumulative pre-tax unrealized gains of $389.5 million as of December 31, 2017. Here you will find an overview of all cookies used. You must click the activation link in order to complete your subscription. At Markel Corp., we promise to treat your data with respect and will not share your information with any third party. She was unanimously. Here you can enjoy an invite of Tom Gayner to this event: By loading the video, you agree to YouTube's privacy policy. The effective tax rate was 32% in 2022 compared to 22% in 2021. The following table summarizes our consolidated investment performance, which consists predominantly of the results of our Investing segment. We generally use five-year periods to measure our performance. Ourpreviously announced conference call, which will involve discussion of our quarterly and year-end financial results and business developments and may include forward-looking information, will be held Thursday, February 2, 2023, beginning at 9:30 a.m. (Eastern Time). 2022 Virtual Annual Meeting: August 11 & 12 ANNUAL MEETING PROGRAM AND REGISTRATION FEE INFORMATION Annual Meeting Program: In addition to research paper sessions, there will be panels, plenaries, and educational sessions. The decrease in the Insurance segment's expense ratio in 2022 was primarily due to the favorable impact of higher earned premiums in 2022 while maintaining consistent levels of general expenses with 2021, as we continue to focus on scaling our insurance operations. Corporation and Subsidiaries, Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), (dollars in thousands, except per share data), Underwriting, acquisition and insurance expenses, Net income attributable to noncontrolling interests. If you are under 16 and wish to give consent to optional services, you must ask your legal guardians for permission. This transaction resulted in a gain of $118.5million. The National Association of Women Lawyers ("NAWL") is pleased to announce the confirmed 2022 award recipients to be honored at the Annual Meeting & Awards Luncheon to be held on July 21, 2022 at the Hilton Chicago. The benefit of increases in operating revenues to operating income, EBITDA and net income to shareholders in 2022 was reduced by increased costs of materials and labor across many of our businesses, which reflected the impact of broader economic conditions on our operations during the year. Markel announces expanded events for 2022 shareholders meeting RICHMOND, Va., April 21, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) will hold its 2022 shareholders meeting at Virginia Credit Union LIVE! Personal data may be processed (e.g. Markel 48,712 followers 2mo We are thrilled to announce that the 2023 Markel shareholders meeting will be on May 17 at the University of Richmond Robins Center. Net retention of gross premium volume was 95% in 2022 compared to 90% in 2021. Markel (NYSE:MKL) Historical Stock Chart From Feb 2023 to Mar 2023 Markel (NYSE:MKL) Historical Stock Chart From Mar 2022 to Mar 2023 Loading Messages.. See More Message Board Posts. The decrease was primarily attributable to a decline in the fair value of our investment portfolio, driven by unfavorable movements in the public equity markets and increases in interest rates in 2022, partially offset by $2.7 billion in cash provided by operating activities. The increase in net investment income in 2022 was primarily attributable to higher interest income on short-term investments and cash equivalents due to higher short-term interest rates in 2022 compared to 2021. After submitting your request, you will receive an activation email to the requested email address. Additionally, increases in the cost of capital during 2022 further impacted the estimated fair value of our fund management operations, and ultimately resulted in an $80.0 million partial impairment of goodwill in 2022. Net retention of gross premium volume was 82% in 2022 compared to 83% in 2021. Connecting Investors & Understanding Businesses. Some of them are essential, while others help us to improve this website and your experience. We sold our controlling interest in Volante in October 2022 for total consideration of $181.9million, of which $155.6million was cash. Nevada HAND hosted a lease-up event at its new community, Decatur Commons Senior, at 450 S. Decatur Blvd. Highlights of our 2021 results include: Some of them are essential, while others help us to improve this website and your experience. If you experience any issues with this process, please contact us for further assistance. Here you can information on the Markel Annual General Meeting 2022 in Richmond, Virginia. Watch a series of high-level live conversations with prestigious guests and experts from all over the world to learn about international development, global challenges and positive change for the most vulnerable. A replay of the call also will be available on our website from approximately one hour after the call until Monday, February 13, 2023. Apr 2021 - Feb 20231 year 11 months. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as at their dates. The increase in operating revenues in our program services and other fronting operations in 2022 was primarily due to higher gross earned premium, on which our fees are based, in 2022 compared to 2021, driven by the expansion of existing programs and growth from new programs, as well as the growth of our other fronting arrangements. Shareholders and others interested in attending the meeting as well as other events are encouraged to register in advance at https://www.markel.com/events. See Supplemental Financial Information for a reconciliation of investment yield to taxable equivalent total investment return. We measure our investment performance by analyzing net investment income earned on our investment portfolio, as well as through net investment gains, which includes unrealized gains on our equity portfolio, and the change in net unrealized gains on available-for-sale investments. Over 1,000 people came to Richmond, Virginia for Markels annual shareholder meeting, where business leaders Tom Gayner, Richie Whitt, and Jeremy Noble talked about the business and fielded questions from attendees. our expectations about future results of our underwriting, investing, Markel Ventures and other operations are based on current knowledge and assume no significant man-made or natural catastrophes, no significant changes in products or personnel and no adverse changes in market conditions; the effect of cyclical trends on our underwriting, investing, Markel Ventures and other operations, including demand and pricing in the insurance, reinsurance and other markets in which we operate; actions by competitors, including the use of technology and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes in the insurance industry, and the effect of competition on market trends and pricing; our efforts to develop new products, expand in targeted markets or improve business processes and workflows may not be successful and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, increased expenditures); the frequency and severity of man-made and natural catastrophes (including earthquakes, wildfires and weather-related catastrophes) may exceed expectations, are unpredictable and, in the case of wildfires and weather-related catastrophes, may be exacerbated if, as many forecast, changing conditions in the climate, oceans and atmosphere result in increased hurricane, flood, drought or other adverse weather-related activity; we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses; emerging claim and coverage issues, changing industry practices and evolving legal, judicial, social and other environmental trends or conditions, can increase the scope of coverage, the frequency and severity of claims and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables; reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution; inaccuracies (whether due to data error, human error or otherwise) in the various modeling techniques and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends and other risks associated with our insurance and insurance-linked securities businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed; changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material changes in our estimated loss reserves for such business; adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves; initial estimates for catastrophe losses and other significant, infrequent events (such as the COVID-19 pandemic and the Russia-Ukraine conflict), are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations; changes in the availability, costs, quality and providers of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition; the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us; after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings; regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital; general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors; economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions; economic conditions may adversely affect our access to capital and credit markets; the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns (such as in response to the COVID-19 pandemic), inflation and other economic and currency concerns; the impacts that political and civil unrest and regional conflicts, such as the conflict between Russia and Ukraine, may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments; the significant volatility, uncertainty and disruption caused by health epidemics and pandemics, including the COVID-19 pandemic and its variants, as well as governmental, legislative, judicial or regulatory actions or developments in response thereto; changes in U.S. tax laws, regulations or interpretations, or in the tax laws, regulations or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes; a failure or security breach of, or cyberattack on, enterprise information technology systems that we use or a failure to comply with data protection or privacy regulations; third-party providers may perform poorly, breach their obligations to us or expose us to enhanced risks; our acquisitions may increase our operational and internal control risks for a period of time; we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions; any determination requiring the write-off of a significant portion of our goodwill and intangible assets; the failure or inadequacy of any methods we employ to manage our loss exposures; the loss of services of any senior executive or other key personnel of our businesses could adversely impact one or more of our operations; the manner in which we manage our global operations through a network of business entities could result in inconsistent management, governance and oversight practices and make it difficult for us to implement strategic decisions and coordinate procedures; our substantial international operations and investments expose us to increased political, civil, operational and economic risks, including foreign currency exchange rate and credit risk; our ability to obtain additional capital for our operations on terms favorable to us; our compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt and other indebtedness and our preferred shares; our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital; the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws and regulations; the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of U.S. companies and their affiliates are more restrictive than, or conflict with, those applicable to non-U.S. companies and their affiliates; regulatory changes, or challenges by regulators, regarding the use of certain issuing carrier or fronting arrangements; our dependence on a limited number of brokers for a large portion of our revenues and third-party capital; adverse changes in our assigned financial strength, debt or preferred share ratings or outlook could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold and the availability and cost of capital; changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control; losses from litigation and regulatory investigations and actions; investor litigation or disputes, as well as regulatory inquiries, investigations or proceedings related to our Markel CATCo operations; delays or disruptions in the run-off of those operations; or the failure to realize the benefits of the transaction that permitted the accelerated return of capital to our Markel CATCo investors; and.
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